MobileMoney Fintech LTD (MMFL) has begun a nationwide Know Your Customer (KYC) update exercise for all Mobile Money (MoMo) Agents and Merchants as part of efforts to strengthen security, improve customer data accuracy and comply with regulatory requirements.
The exercise, which is currently underway, is expected to run until October 31, 2026.
MMFL says the initiative is aimed at safeguarding businesses within the mobile money ecosystem against fraud and other financial crimes while ensuring uninterrupted service delivery. To facilitate the process, the company has established designated hotspot locations across various towns where agents and merchants can update their details through the Smart Onboarding Portal. Participants may also complete the exercise independently through the online platform.
According to MMFL, agents and merchants are required to have a valid Ghana Card and relevant business registration documents before commencing the update. These may include a Business Registration Certificate, Form A or Form C, and a Municipal or District Assembly Certificate. The company noted that the verification process takes only a few minutes once the required documents are available.
Participants will also receive SMS notifications at every stage of the process, including submission, verification and approval, enabling them to track the status of their applications.
Speaking on the exercise, Abdul Razak Issaka Ali, Chief Commercial Operations Officer of MobileMoney Fintech LTD, said maintaining accurate records has become increasingly important as mobile money continues to play a central role in the daily lives of millions of Ghanaians.
“As mobile money continues to play a critical role in the daily lives of millions of Ghanaians, maintaining accurate records is essential to protecting the integrity of the ecosystem and ensuring uninterrupted service delivery. Our Agents and Merchants are at the heart of the Mobile Money ecosystem, and protecting their businesses remains a priority for us,” he said.
He added that the exercise would help strengthen security across the network while ensuring compliance with regulatory obligations.
“This KYC update is an important step in ensuring our records remain accurate, strengthening security across the network and meeting regulatory requirements. We encourage all Agents and Merchants to complete the process early to continue enjoying seamless and secure Mobile Money services.”
MMFL cautioned that agents and merchants who fail to complete the KYC update by the deadline may face service restrictions until their records are successfully updated.
The company advised participants requiring assistance to contact their Territory Sales Coordinators (TSCs), visit the nearest MobileMoney Customer Service (MCS) outlet or seek support through their Agent Association leadership.
As part of the exercise, MMFL also urged agents and merchants to remain vigilant against fraudsters. The company emphasized that participants should only use official MMFL channels for the update process and should never share their Mobile Money PINs or One-Time Passwords (OTPs) with anyone.
MobileMoney Fintech said the initiative forms part of its broader commitment to building a secure and trusted digital financial ecosystem while advancing financial inclusion and economic empowerment across the country.
Launched in 2009, MobileMoney Fintech LTD provides a range of digital financial services, including payments, remittances, BankTech, InsurTech, savings and loans solutions. The company currently serves more than 17 million registered subscribers nationwide.
Source: businesspostonline
